Time and Space Condos (Pemberton) - Real Estate -

Hua-er said:
My bad, south east, they call building C. I guess firm occupancy date is the day you get the key ? Or it could be earlier , how they can forecast that date 8 month earlier ?
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Unless there is another delay, i think i will get key on August.
 
Guswjd0922 said:
Just received firm occupancy date update for August 8, 2023.
I am facing east side on 11th floor.
When will be a possible final closing date?
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We also received for August, 8th. We are in SW. My understanding is that the condo registration must go through the city, and it will take several months, maybe up to a year, to a closing date.
 
Kama said:
We also received for August, 8th. We are in SW. My understanding is that the condo registration must go through the city, and it will take several months, maybe up to a year, to a closing date.
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Until registration of the condominium corporation takes place, you can occupy your condo but not legally own it. After the condominium is registered, your condo can legally close. If registration takes place before you take possession of the unit, your Occupancy Date and Closing Date may be one and the same.
 
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For the Occupancy period before Closing, it looks like there's a Interim Occupancy Fee charged that's comprised of a few things, one being the interest on the unpaid balance. Does anyone know what interest is typically used? Is it based off of the prime rate?
 
GTAConstruction said:
Until registration of the condominium corporation takes place, you can occupy your condo but not legally own it. After the condominium is registered, your condo can legally close. If registration takes place before you take possession of the unit, your Occupancy Date and Closing Date may be one and the same.
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For Toronto it is not the case—registration of the condominium takes several months the occupancy date.
 
loudpacckk said:
Im simply comparing the timeline for the 158 Front St E condos and seeing what stage they are in now in comparison to 177. Maybe you should take a look at some developments near by in the area with similar tower size and other constraints then maybe make a more educated guess.
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Hello Loudpacckk,

From my earlier comment:

"Time and Space is tracking at least one year behind St. Lawrence Condos, and is progressing at a slower rate to date. Occupancy in 2023 if all goes well, later if it does not.
That is my 'maybe make a more educated guess'. With over forty years of project management experience, I have a general feel on what it takes to get things done. "

So it looks like my '..more educated guess' was not too bad after all.

@loudpacckk
 
I received a late December 2023 tentative occupancy update. I'm high floor in the Northeast tower. That probably means firm occupancy will spill into Q1 2024. Hopefully that will allow mortgage rates to come down a bit. There could be some positives to this delay, I suppose.
 
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